Maritime Program Group is now offering Homeowner's Insurance for Coastal New England covering Nantucket, Martha's Vineyard and Cape.
We want to preserve our coastal wind capacity for risks exemplifying superior characteristics. We will generally write coastal wind for Homeowner's Insurance for Coastal New England accounts with the following characteristics:
1. Good client. The client exhibits responsibility, has a sound record of managing and protecting their assets and has a stable and typically low profile lifestyle. Insurance score in excess of 750.
2. Good physical risk.
• The property is well maintained and visited by client or caretaker frequently.
• Locations in a Flood Zones A or V with a negative elevation are generally not eligible for coverage
3. Flood Insurance. Evidence of primary flood placement is required on all risks in flood zones A or V.
4. Elevation Certificates. Elevation certificates will be required for all risk in flood zones A or V. Negative elevations are unacceptable.
Account Composition:
• AIG Select
• ISO Form 3 HO-2000
• Minimum Coverage Limit: $1,500,000
• Minimum $5,000 AOP deductible
• Minimum 2% hurricane deductible with the options of increasing to 5%
• Mandatory Central Station Burglar & Fire Alarms
• Mandatory Low Temperature Sensors
• When writing a risk with prior wind loss(es), confirmation is required to confirm that the cause of loss has been addressed or rectified.
• A water shut-off valve will be required for all new business accounts which are submitted with a water loss within the last 3years.
• If home is vacant for more than 30 consecutive days, a plan to 'winterize' the home including draining the pipes and maintaining heat is required. This written plan / contract would suffice in lieu of the low temperature requirement.
Coverage Restrictions for our Homeowner's Insurance for Coastal New England:
• Replacement Cost Coverage- Once RMS inspects the property, we will be able to offer 150% Extended Rebuilding Cost
• Cap ALE to 25%
• Water back-up of sewers and drains capped at $25,000
• Rebuilding to code capped at 25%
• Ensuing Fungi limited to $10,000
• Primary liability restricted to the residence premises (not worldwide unless total account).
• Vacant homes on the market are excluded from the program.
• Homes that become vacant and or on the market for sale during the policy term will not have coverage in the event of a fire loss, lightning loss, hurricane loss, and or any type of water loss.
• Policy condition for minimum temperature of 65 degrees throughout the dwelling.
• No enhancements such as Fraud SafeGuard and Household SafeGuard (Equipment Breakdown plus is acceptable)
• Primary and excess flood will not be available.
• Mandatory Enrollment in the Hurricane Protection Unit
Call Maritime today for all of your Homeowner's Insurance for Coastal New England risks!